February 17, 2015

FREMONT, Calif. – Spin Transfer Technologies, Inc. (STT), a leading developer of breakthrough Orthogonal Spin Transfer Magneto-Resistive Random Access Memory technology (OST-MRAMTM), today announced that Pete Magowan, a seasoned global technology executive and investor, has joined the company’s board of directors.

Magowan has an extensive record of success leading the marketing, strategic sales and business development of global companies in the semiconductor industry. He led ARM Holdings plc through its market entry into the mobile sector and also served as one of its main board members. ARM’s microprocessors have become the global standard for mobile devices and currently hold a majority share of the wireless market. Magowan has also served as General Partner at Alta Berkeley Venture Partners, a European early stage venture capital firm, as well as Head of Moonray Energy, a private investment vehicle for Fidelity International Ltd.

“Pete offers valuable industry experience in technology licensing that will be instrumental to STT as the company grows, as well as a deep understanding of how to support the development needs of early stage companies. We are delighted to have him join the board of directors,” said Barry Hoberman, Chief Executive Officer of STT.

Since leaving ARM, Magowan has invested in or been a board member of 12 technology boards and overseen multiple fundraising efforts, IPOs and trade sales. Currently, he serves on the board of Romax Technology Ltd. and as Chairman of Amantys Ltd. He received a Bachelor of Science degree in electrical and electronic engineering from the University of Manchester Institute of Science & Technology and a Diploma in Marketing from the University of Bristol Business School.”

“In the semiconductor industry today, there’s an insatiable demand for higher efficiency memory combined with lower power consumption at reduced cost. Consumers are using and demanding more of their storage solutions. STT is working on a revolutionary solution to these demands, and it’s exciting to be involved with a company at the cusp of this next wave of innovation,” said Magowan.

STT’s patented OST-MRAM™ technology is a disruptive innovation in the field of spintransfer-based MRAM devices, enabling faster switching speeds, lower power operation, reduced manufactured device cost and scalability to smaller lithographic dimensions. OSTMRAMTM‘s application areas can potentially address large parts of the semiconductor market – in particular, the standalone memory markets and the embedded memory market in logic, microprocessors and microcontrollers, and mixed-signal analog integrated circuits.

Originally developed from research conducted in the laboratory of Professor Andrew Kent at New York University, STT believes that OST-MRAMTM has the potential to replace large segments of the Flash, SRAM and DRAM markets, which the company estimates collectively had a combined value in excess of $60 billion a year worldwide in 2014.

Based in Fremont, California, STT’s primary investors include Allied Minds (LSE: ALM), Invesco Asset Management and Woodford Investment Management. More information about the company can be found at www.spintransfer.com.

About Spin Transfer Technologies

Spin Transfer Technologies, Inc. was established by Allied Minds and New York University to develop and commercialize its Orthogonal Spin Transfer Magneto-Resistive Random Access Memory technology, OST-MRAMTM. The technology, invented by Professor Andrew Kent, is a disruptive innovation in the field of spin-transfer-based MRAM devices, enabling faster switching times, lower power operation, lower manufactured device cost, and scalability to smaller lithographic dimensions. For more information, visit www.spintransfer.com.

About Allied Minds

Allied Minds (LSE: ALM) is an innovative U.S. science and technology development and commercialization company. Operating since 2006, Allied Minds forms, funds, manages and builds products and businesses based on innovative technologies developed at leading U.S. universities and federal research institutions. Allied Minds serves as a diversified holding company that supports its businesses and product development with capital, central management and shared services. More information about the Boston-based company can be found at www.alliedminds.com.

Allied Minds Forward-Looking Statement

This press release contains statements that are or may be forward-looking statements, including statements that relate to the company’s future prospects, developments and strategies. The forward-looking statements are based on current expectations and are subject to known and unknown risks and uncertainties that could cause actual results, performance and achievements to differ materially from current expectations, including, but not limited to, those risks and uncertainties described in the risk factors included in the company’s regulatory filings. These forward-looking statements are based on assumptions regarding the present and future business strategies of the company and the environment in which it will operate in the future. Each forward-looking statement speaks only as at the date of this press release. Except as required by law, regulatory requirement, the Listing Rules and the Disclosure and Transparency Rules, neither the company nor any other party intends to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.